Witnesses reported seeing the SUV taken Friday around 6:30 p.m. in the area of Clinton Court and Bristol Way in the Bedford Park Townhouses.
They told police a woman was carjacked at gunpoint and believed she was still in the SUV when the suspect fled.
The vehicle in question is a gray or light blue Mitsubishi Outlander with North Carolina license plates JLF6515.
Police said late Friday night that the SUV was located and a person was in custody.
There were no further details on the possible victim or if the individual in custody is facing charges.
Anyone with information is asked to call New Castle County police at (302) 573-2800.